Asked by Kaitlin Ptacek on May 16, 2024
Verified
If a product has a cost of $738 and a markup rate of $3213%\$ 32 \frac { 1 } { 3 } \%$3231% , what is the markup?
A) $249.07\$ 249.07$249.07
B) $238.62\$ 238.62$238.62
C) $236.16\$ 236.16$236.16
D) $263.18\$ 263.18$263.18
E) $246.00\$ 246.00$246.00
Markup Rate
The percentage added to the cost price of goods to cover overhead and profit.
Markup
The amount added to the cost price of goods to cover overhead and profit.
- Formulate calculations concerning markup, markdown, discount, and unit pricing within the scope of financial literacy.
Verified Answer
WB
Waleed Bin Sadiq
May 20, 2024
Final Answer :
B
Explanation :
First, we need to convert the markup rate from a mixed number to a decimal:
$3213%=3213100=97300\$32 \frac{1}{3}\%=\frac{32\frac{1}{3}}{100}=\frac{97}{300}$3231%=1003231=30097
Next, we can calculate the markup using the formula:
markup = cost $\times$ markup rate
markup = $738\times\frac{97}{300} \approx \$238.62$
Therefore, the answer is B.
$3213%=3213100=97300\$32 \frac{1}{3}\%=\frac{32\frac{1}{3}}{100}=\frac{97}{300}$3231%=1003231=30097
Next, we can calculate the markup using the formula:
markup = cost $\times$ markup rate
markup = $738\times\frac{97}{300} \approx \$238.62$
Therefore, the answer is B.
Learning Objectives
- Formulate calculations concerning markup, markdown, discount, and unit pricing within the scope of financial literacy.